South Africas economy plummets by most in about a decade

JOHANNESBURG — South Africa says its economy dropped by the largest amount in about a decade, hurting newly elected President Cyril Ramaphosa’s efforts at growth and reforms.The government on Tuesday said the economy declined by 3.2% in the first quarter of 2019 from the fourth quarter of 2018 as manufacturing and mining fell.Widespread power outages earlier this year were in part to blame as sub-Saharan Africa’s most developed economy continues to struggle.Ramaphosa first took office last year after predecessor Jacob Zuma was forced to resign amid corruption allegations. Public outrage over graft scandals hurt the ruling African National Congress in last month’s election, and the new administration now faces the challenges of reviving the economy and restoring public and investor confidence.South Africa fell into recession briefly last year.The Associated Press

Leave a Reply

Your email address will not be published. Required fields are marked *